Common use of Tax Increment Clause in Contracts

Tax Increment. The Project Area Plan is expected to be adopted after the date hereof, and the adoption of the Project Area Plan is a condition to the effectiveness of this Agreement. The Project Area Plan will be funded in part by tax increment pursuant to the provisions of the Act. Under the Act and the Interlocal Agreements between the Agency and the Participating Taxing Entities (as defined below), the Agency is entitled to receive, or anticipating on receiving, up to [ ] percent ([ ]%) of the Tax Increment (as defined below) over a maximum period of twenty (20) years. In accordance with the Interlocal Agreements, the Agency shall begin to receive Tax Increment for the [ ] tax year. A copy of each of the Interlocal Agreements is, or will be, attached hereto as Exhibit G. The amount of Tax Increment that the Agency is allowed to receive under the Interlocal Agreements is to be paid into a special fund of the Agency in accordance with the Act and shall be applied for the purposes described in the Project Area Plan, the Project Area Budget, the Interlocal Agreements and this Agreement.